SRM Entertainment (SRM) said Thursday it secured a private investment in public equity financing from an institutional investor for gross proceeds of $5 million.
The company said it plans to use the net proceeds for general corporate purposes, including working capital.
Under the securities purchase agreement, SRM will sell 5,000 series A preferred shares, convertible into 10 million common shares at $0.50 apiece, and warrants, each offering the right to buy one share of common stock, according to a statement.
The purchase price for one series A convertible preferred share and one warrant was $1,000, the company said.
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